Balance of Payments of the Kyrgyz Republic

Transcription

1 National Bank of the Kyrgyz Republic Balance of Payments of the Kyrgyz Republic First half of 2008 October 2008 Bishkek

2 Chairman: Members of Board: EDITORIAL BOARD: Chokoyev Z., Abdybaly tegin S., Moldokanov Sh., Urustemov S., Isakova G., Executive secretary: Berdigulova A.

3 Balance of Payments of the Kyrgyz Republic "Balance of payments of the Kyrgyz Republic" is issued by the National Bank of the Kyrgyz Republic. This document reflects last tendencies in external sector development and shows statistical data on the balance of payments, external trade, international reserves, external debt and international investment position, as well as construction methods of balance of payments and informational database. This document is published 4 times a year - in January, May, July and October and has 3 language versions: Kyrgyz, Russian and English. Last updated version was published in October 20, Annotation symbols and notes: means the absence of data; means, that indicators/ratios are equal to 0 (zero) or insignificant; - is set between years or months (e.g., or January-June) and means, that all years and months are covered by the shown dates. Deviations in last digits may occur because of rounding numbers when summing up. In regard with the possible changes in accounting methods or historical data, which are used in the given document, correction of earlier published data is acceptable. Therefore, 10 years period can be accounted as "open period". If any questions, please contact us: Tel.: ( ) , Fax: ( ) ; Address: 101 Umetalieva str., Bishkek The National Bank of the Kyrgyz Republic Financial Statistics and Survey Department Balance of Payments and External Debt Division aberdigulova@nbkr.kg Founder - The National Bank of the Kyrgyz Republic. Publication is registered by the Ministry of Justice of the Kyrgyz Republic. State file number NBKR, Copying of this publication must be approved by the National Bank of the Kyrgyz Republic and any citation should be marked with a source. Published by printing firm JSC "Unit Print". 1a, Sadygaliev str., Bishkek Tel.: (312) Fax: (312)

4 Other publications of the National Bank of the Kyrgyz Republic Annual Report of the National Bank of the Kyrgyz Republic This document is an overall report of the National Bank for the last year. It includes summary on economic development of the republic and monetary policy, as well as the National Bank financial statements, general information and statistical reviews. It is published in 3 languages: Kyrgyz, Russian and English. Bulletin of the National Bank of the Kyrgyz Republic Informational publication includes statistical data on the basic macroeconomic indicators and economy sectors of the Kyrgyz Republic. It is published in 3 languages: Kyrgyz, Russian and English. Inflation Review in Kyrgyz Republic This publication describes dynamics of consumer prices in the republic and regions, analysis of the main inflation factors, informs about the National Bank decisions on monetary policy and provides with inflation preview for the oncoming period. It is published quarterly in Kyrgyz, Russian and English. Development Tendencies of the Banking System The given document provides analysis of the banking system status of the Kyrgyz Republic as a financial intermediary, as well as the banking system stability by segment. It is published twice a year in Kyrgyz, Russian and English. National Bank Normative Acts The purpose of the document, called "Normative Acts of the National Bank of the Kyrgyz Republic" is to publish normative acts of the National Bank in order to provide commercial banks and public with normative acts of the National Bank and official information on the National Bank activity, as well as propaganda of the Kyrgyz Republic law. Presumable publication frequency is once a month in Kyrgyz and Russian languages. Press-Release of the National Bank of the Kyrgyz Republic "Press-release of the National Bank" describes current events, which take place in National Bank and provides with the major data on the financial market. It is published weekly in Kyrgyz and Russian languages. Publications of the National Bank are distributed in accordance with the specifications approved by the Chairman of the National Bank. They can also be found on the National Bank web-site:

5 List of Abbreviations CB CIF CIS ED FMSRS KR FOB GDP GED HS IMF ISCC MA MF KR MFA KR MT&C KR NBKR NEER Non-CIS NSC OPEC PED REER SDR UAE USA VS Commercial Banks Cost, Insurance, Freighty Commonwealth of Independent Countries External Debt Financial Market Supervision and Regulation Service of the Kyrgyz Republic Free on Board Gross Domestic Product Gross External Debt Harmonized System International Monetary Fund International Standards of Commodity Classification Monetary Authorities Ministry of Finance of the Kyrgyz Republic Ministry of Foreign Affairs of the Kyrgyz Republic Ministry of Transport and Communications of the Kyrgyz Republic National Bank of the Kyrgyz Republic Nominal Effective Exchange Rate Non-CIS Countries National Statistics Committee of the Kyrgyz Republic Organization of Petroleum Exporting Countries Public External Debt Real Effective Exchange Rate Special Drawing Rights the United Arab Emirates The United States of America Valuable Security

6 Content Current Account of the Balance of Payments... 7 Annex I. Tables and charts Table I.1. Balance of Payments of the Kyrgyz Republic (standard presentation) Table I.2. Structure of Export by the HS sections Table I.3. Structure of Export by the ISCC sections Table I.4. Structure of Import by the HS sections Table I.5. Structure of Import by the ISCC sections Table I.6. Functional Structure of Export Table I.7. Geographic Structure of Export Table I.8. Functional Structure of Import Table I.9. Geographic Structure of Import Table I.10. Export of Major Types of Products Table I.11. Import of Major Types of Products Table I.12. Impact of Price and Quantity on the Volume of Export Table I.13. Impact of Price and Quantity on the Volume of Import Major types of exported goods by countries Table I.14. Export of goods to Russia Table I.15. Export of goods to Kazakhstan Table I.16. Export of goods to Uzbekistan Table I.17. Export of goods to Belarus Table I.18. Export of goods to Switzerland Table I.19. Export of goods to China Table I.20. Export of goods to Turkey Table I.21. Export of goods to the UAE Table I.22. Export of goods to Afghanistan Major types of imported goods by countries Table I.23. Import of goods from Russia Table I.24. Import of goods from Kazakhstan Table I.25. Import of goods from Uzbekistan Table I.26. Import of goods from Belarus Table I.27. Import of goods from Ukraine Table I.28. Import of goods from China Table I.29. Import of goods from the USA Table I.30. Import of goods from Germany Table I.31. Import of goods from Turkey Table I.32. Import of goods from Japan Table I.33. Import of goods from the Republic of Korea Table I.34. Import of goods from the Netherlands Chart I.1. Nominal and the real effective exchange rate indices Table I.35. Real and nominal effective exchange rate indices Table I.36. Geographic Distribution of Net Inflow of Foreign Direct Investments Table I.37. Foreign Direct Investments by kinds of economic activities Table I.38. International reserves Table I.39. External Debt of the Kyrgyz Republic Table I.40. Structure of the External Debt of the Kyrgyz Republic Table I.41. Balance of International Investment Position of the Kyrgyz Republic Table I.42. Developments in Foreign Assets and Liabilities of the Kyrgyz Republic Annex II. Table II.1 Sources of information that are used by the National Bank for the construction of balance of payments of the Kyrgyz Republic... 63

7 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS The current account developed as negative and totaled million, or 11.5 percent of GDP. Chart 1: Current Account in percent of GDP I h/y 2004 I h/y 2005 I h/y 2006 I h/y 2007 I h/y 2008 Trade balance Balance of services and income Current transfers Current Account Balance Trade Balance The volume of external trade of the Kyrgyz Republic grew in the first half of 2008 by 41.5 percent compared with the similar period of 2007 and amounted to million. value terms amounted to million. Growth was noted in the accounting period in re-export of energy resources (2.6 times compared with the first half of 2007) to CIS countries and in export of gold (by 56.2 percent) to non-cis countries. Growth was registered in the period under review with regard to all of the items of the functional distribution of export. The Kyrgyz Republic exports to external markets, mainly, intermediate goods (their share was 43.8 percent of the total volume of exports of goods), consumer goods (23.5 percent) and energy resources (22.5 percent). Table 1: Export of goods (in millions of US dollars) 1 h/y 04 1 h/y 05 1 h/y 06 1 h/y 07 1 h/y 08 Export (f. o. b) 342,9 329,2 430,6 607,2 745,9 Growth rate (in percent) 44,9-4,0 30,8 41,0 22,8 Chart 2: KR Trade Balance in percent of GDP I h/y 2004 I h/y 2005 I h/y 2006 I h/y 2007 I h/y 2008 Export of goods (F.O.B.) Import of goods (F.O.B) Trade balance Rates of growth of import were higher than those of exports and resulted in the negative trade balance to the tune of million, being almost twice higher than the trade gap in the first half of Export of goods at FOB prices compared with the first half of 2007 increased by 22.8 percent and in In the first half of 2008, shares of non-cis and CIS countries in the geographic structure of export made 50.2 and 49.8 percent, accordingly. The volume of exports to non-cis countries amounted to million, being by 17.3 percent more than the same indicator for the first half of The largest share of export was directed to such countries, as Switzerland (44.0 percent of the total volume of exports to non-cis countries), UAE (11.7 percent), Afghanistan (10.6 percent), and China (7.5 percent). Export deliveries to Switzerland increased in the accounting period compared with the first half of 2007 by 32.2 percent and amounted to million. The commodity composition of export to this country is represented by gold, whose deliveries in terms of value grew because of growth of the world price of this precious metal. The distinctive feature of the period under review was the resumption of export of 7

8 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS gold to the UAE, which was exported in 2005 last time. In the accounting period, the volume of exports of gold to the UAE amounted to 26.9 million and provided for 71.2 percent of exports to this country. Furthermore, growth of re-export of jet fuel to the UAE was registered in the period under review. Export of goods to Afghanistan decreased by 60.3 percent and amounted to 34.4 million as shown by the outcome of the first half of 2008 and it was due to the reduction of the volume of re-export of petroleum products. Export to China increased by 17.4 percent and amounted to 24.4 million compared with the first half of In the commodity composition of export to China growth was registered with regard to deliveries of black cattle hides, jet fuel (re-export), and various chemical substances, which offset the reduction in exports of such goods, as aluminum and leather. Export to CIS countries based on the outcome of the first half of 2008 increased by 38.9 percent and amounted to million. In the period under review, the biggest partners in export transactions among CIS countries were Russia (44.4 percent of the total volume of exports to CIS countries), Kazakhstan (26.1 percent), and Uzbekistan (23.0 percent). Export to Russia in the accounting period was characterized by growth by 39.0 percent and amounted to million. Prevailing in the structure of export to this country were such goods, as apparel and accessories, rolled glass, fresh vegetables and fruits, jet fuel (reexport), and cotton. Export to Kazakhstan in the first half of 2008 decreased by 4.1 percent and amounted to 83.8 million. This reduction is characterized by basically the decrease in deliveries of energy resources, apparel, and construction materials. Significant growth of the volume of exports to Uzbekistan (3.2 times) is assigned to increased deliveries of petroleum products (reexport). Import of goods at FOB prices in the first half of 2008 amounted to million, being by 51.7 percent more than the same indicator of the first half of Table 2: Import of goods (in millions of US dollars) 1 h/y 04 1 h/y 05 1 h/y 06 1 h/y 07 1 h/y 08 Import (f. o. b) 407,2 479,8 691,4 1113,5 1689,4 Growth rate (in percent) 36,1 17,8 44,1 61,0 51,7 The functional structure of import is characterized by growth in all of the items. The basic share of import fell on consumer goods (33.8 percent of the total volume of imports of goods) and energy resources (30.6 percent). According to the geographic structure, the main partners in import transactions were CIS countries, whose share was 55.6 percent of the total volume of imports. The share of non-cis countries made 44.4 percent, accordingly. The 85.3 percent of import from CIS countries was provided by commodities delivered from Russia and Kazakhstan. Petroleum products, machinery and transportation equipment, foodstuffs, ferrous metal products, chemicals and similar products were mainly imported from the mentioned countries in the accounting period. In the period under review, import from non-cis countries increased 2.1 times and reached the level of million. China (34.6 percent of the total volume of imports from non-cis countries), Germany (17.2 percent), Japan (9.6 percent) and the USA (7.3 percent) were the biggest importers from this group of countries. Import from China increased in the accounting period 2.1 times and totaled million in value terms. From these countries, the increase was chiefly registered in deliveries of textile cloth, various manual and computerized tools, machinery and transportation, and clothes and footwear. The factor of significant growth of import 8

9 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS from Germany (6.1 times compared with the first half of 2007) and Japan (16.3 times) was that of improved accounting of shuttle traders operations. Import from the USA in the accounting period increased by 19.1 percent and amounted to 58.8 million. The commodity structure of import from the USA was represented by such goods, as poultry meat, medicaments and vehicles. Balance of International Services The balance of services developed for the first half of 2008 as negative of 40.8 million. Thus, the deficit balance of international services decreased compared with the similar period of the past year by 1.7 percent. At the same time, export of services increased by 67.6 percent, while import increased by 57.5 percent compared with the first half of Chart 3: Balance of International services in percent of GDP I h/y 2004 I h/y 2005 I h/y 2006 I h/y 2007 I h/y 2008 Export of services Services balance Import of services Based on the outcome of 6 months of 2008, the total volume of services rendered to nonresidents amounted to million. As in the past periods, the significant part of export of services falls on the item Travels (42.2 percent of national export), Transportation Services (23.6) and Business Services (10.3). The 3.5 times growth of export should be pointed out in the item Other Services, as a result, their share in national export was 11.5 percent. The volume of imports of services for the reporting period amounted to million. The largest share in imports is still that of the items Transportation Services (47.7 percent), Travels (29.0) and Business Services (9.9). Alongside with this, there was significant growth of import of the item Construction Services : 6.6 times compared with the base period. Income Based on the outcome of the first half of 2008, the balance of income was negative of 66.4 million, exceeding by 72.7 percent the comparable indicator of Growth of the negative balance in this item results from the increase in expenses of residents in the item Income from Direct Investment. For instance, compared with the first half of 2007, the negative balance in the item Income from Direct Investment increased by 64.4 percent, thereby amounting to 51.4 million. The increase in payments on reinvested income and growth of interest payments on credits given by foreign direct investors had their most significant impact on this change. The item Income from Other Investment developed with the deficit of 4.2 million against its surplus of 3.3 million in the similar period of Growth of the negative balance in this indicator was conditioned by interest payments on foreign loans. In the first half of 2008 the balance in the item «Compensation of Employees» developed as negative of 11.1 million. At the same time, compared with the similar period of 2007, this indicator increased by 5.1 percent. Current Transfers Traditionally, having exceeded 1.5 times the similar past year indicator, the positive balance of current transfers amounted to million for the first half of This growth was due to the increase in the inflow of remittances of people working abroad - their share is the largest one in the structure of transfers. This being the case, it should be noted that the balance of remittances covers net export of 9

10 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS consumer goods, which in turn developed with the deficit of million. The net inflow of official transfers decreased compared with the similar period of the past year by 25.8 percent and amounted to 9.2 million, which fact was mainly connected with decline in the share of commodity grants to the public sector. Chart 4: Balance of remittances and Net Export of Consumer Goods in percent of GDP I h/y 2008 I h/y 2007 I h/y 2006 I h/y 2005 I h/y Net Export of Consumer Goods Capital and Financial Accounts Remittances Based on the outcome of the first half of 2008, the balance on the capital and financial account was positive of million, being less than the similar indicator of the first half of 2007 by 38.3 percent. Chart 5: Capital and Financial Account in percent of GDP Having contracted by 68.3 percent compared with the comparable indicator of the first half of 2007, the negative balance on the capital account in the accounting period amounted to 16.0 million, being mainly determined by the reduction of the net outflow on the account Transfers of Migrants. The positive balance of the financial account decreased in the accounting period by 45.1 percent compared with the first half of 2007 and developed to the tune of million. The net inflow on foreign direct investments increased by 24.3 percent and totaled million. The net inflow of capital in this balance of payments component was registered with regard to all of the items. The basic share in the structure of foreign direct investments is that of the item Other Capital, which made 63.9 percent of the inflow of direct investments. First thing, growth in the item Other Capital is connected with the increase in the inflow of credit resources from foreign direct investment. The net outflow of capital on foreign portfolio investment in the first half of 2008 increased 1.5 times and amounted to 20.3 million. This growth results from the increase in investments of Kyrgyz residents into foreign securities and the absence of investment injections into Kyrgyz securities. The surplus in Other Investment in the period under review decreased by million and amounted to 2.8 million. This change is primarily connected with the sharp spur in foreign assets of residents of the Kyrgyz Republic in this item against the background of decrease in their foreign liabilities. -10 I h/y 2004 I h/y 2005 I h/y 2006 I h/y 2007 I h/y 2008 Direct investments Net credit's inflow Short-term capital Capital and Financial Account Growth of assets was due to mainly the increase in foreign assets of commercial banks, entailing thus the corresponding outflow of capital in this item. In this regard, the 19.5 percent reduction in liabilities was observed in the accounting period in the item Other Investment, with the basic reason being that 10

11 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS of the reduction in liabilities of Kyrgyz banks to nonresidents. For the first half of 2008 the item Errors and Omissions developed with the positive balance in the amount of million, having thus grown 2.7 times compared with the similar indicator in the first half of Growth of the positive balance in this item testifies to increasing under-accounting of transactions connected with the inflow of capital to the republic. Thus, based on the outcome of the first half of 2008, the balance of payments turned out to be negative of 17.7 million. In this regard, the volume of gross international reserves amounted to million as of the end of the reporting period thereby covering 3.0 months of import of goods è services. 11

12 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS Table 3: The Balance of Payments of the Kyrgyz Republic (analytic presentation) (in millions of US dollars) I half I half Current Account 28,4-38,4-287,2-228,3-187,8-451,7 Goods and services -184,3-450,5-968,5-1196,4-547,7-984,3 Trade balance* -170,6-418,7-886,5-1298,5-506,2-943,5 Exports (f. o. b) 733,2 686,8 906,0 1337,0 607,2 745,9 CIS 277,6 305,3 476,1 753,1 324,2 414,1 Non-CIS countries 455,5 381,5 429,9 583,9 283,1 331,8 Imports (f. o. b) 903,8 1105,5 1792,4 2635,5 1113,5 1689,4 CIS 554,4 641,0 925,8 1417,0 621,8 923,5 Non-CIS countries 349,4 464,5 866,6 1218,5 491,7 765,9 Balance of services -13,7-31,8-82,0 102,1-41,5-40,8 Rendered services 209,8 259,4 378,7 684,3 242,0 405,5 Received services -223,5-291,3-460,8-582,2-283,4-446,3 Income -102,2-88,2-48,2-52,4-38,4-66,4 Direct investment income -57,6-36,0-39,8-39,5-31,3-51,4 Portfolio investment income 0,1 0,1 0,2 0,1 0,3 Other investment income -30,5-31,8 15,8 7,7 3,3-4,2 Interest on loans (schedule) -36,3-36,2-19,9-25,7-11,4-16,5 Other investment income 5,7 4,4 35,6 33,4 14,8 12,3 Compensation of employees -14,2-20,4-24,2-20,8-10,5-11,1 Current transfers 314,9 500,3 729,5 1020,5 398,3 598,9 Capital and financial account 114,5 0,9 283,8 259,4 171,8 106,0 Capital account -19,9-20,5-43,9-74,9-50,4-16,0 Capital transfers -19,9-20,5-43,9-74,9-50,4-16,0 Financial account 134,4 21,5 327,6 334,2 222,2 122,0 Direct investment* 131,5 42,6 182,0 208,1 112,2 139,5 Portfolio investment -9,5 2,3-3,0-17,7-13,3-20,3 Financial derivatives -20,5 Other investment 32,8-23,4 148,6 143,9 123,3 2,8 Assets (- accretion) -35,8-47,5-24,0 19,5-8,6-103,4 Banks -63,2-15,1-17,0 37,7 32,2-53,3 Other assets 27,4-32,4-7,0-18,2-40,8-50,1 Liabilities (+ accretion) 68,6 24,1 172,6 124,4 131,9 106,2 Banks 42,2-11,9-26,6 66,6 60,0-1,7 Loans 49,3 18,4 66,5 44,4 30,2 36,1 General government 56,3 17,2 54,4 28,1 14,0 13,3 Disbursement 99,2 66,9 78,6 55,0 26,7 27,3 Amortization (schedule) -42,9-49,7-24,2-26,9-12,7-14,0 Private sector -7,0 1,2 12,1 16,4 16,2 22,8 Disbursement 15,8 10,0 25,2 40,4 29,8 30,1 Amortization (schedule) -22,8-8,8-13,1-24,0-13,7-7,3 Other liabilities -23,0 17,7 132,7 13,3 41,7 71,8 Net errors and omissions -24,2 66,6 187,2 276,3 121,5 328,0 Overall balance 118,7 29,1 183,7 307,3 105,5-17,7 Financing -118,7-29,1-183,7-307,3-105,5 17,7 NBKR reserves -160,6-80,5-169,9-306,8-102,1 3,7 IMF loans -3,8-12,5-23,5-20,7-11,4 5,5 Exceptional financing 45,7 63,9 9,7 20,1 8,0 8,5 Other financing * including estimate of NBKR 12

13 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS 2007 I II III IV I II -126,0-61,8 77,1-117,6-255,9-195,8 Current Account -245,2-302,5-242,6-406,1-416,1-568,2 Goods and services -204,0-302,2-324,8-467,5-419,8-523,7 Trade balance* 299,6 307,6 354,0 375,7 318,3 427,6 Exports (f. o. b) 141,8 182,4 209,9 219,0 173,1 240,9 CIS 157,9 125,2 144,1 156,7 145,2 186,6 Non-CIS countries 503,6 609,8 678,8 843,2 738,1 951,3 Imports (f. o. b) 303,5 318,3 353,5 441,7 413,7 509,8 CIS 200,2 291,5 325,3 401,5 324,4 441,5 Non-CIS countries -41,1-0,3 82,1 61,4 3,6-44,4 Balance of services 95,3 146,6 219,7 222,5 180,6 225,0 Rendered services -136,5-147,0-137,6-161,2-176,9-269,4 Received services -30,4-8,0-11,1-2,8-51,4-15,0 Income -28,8-2,5-11,8 3,5-44,1-7,3 Direct investment income 0,1 0,2 0,3 Portfolio investment income 3,6-0,2 5,5-1,1-2,3-1,9 Other investment income -4,1-7,3-4,8-9,5-7,4-9,1 Interest on loans (schedule) 7,7 7,1 10,3 8,3 5,1 7,2 Other investment income -5,2-5,3-4,8-5,4-5,3-5,8 Compensation of employees 149,6 248,7 330,8 291,3 211,6 387,3 Current transfers 66,5 105,3 9,2 78,3 45,3 60,7 Capital and financial account -29,3-21,2-9,2-15,3-9,1-6,9 Capital account -29,3-21,2-9,2-15,3-9,1-6,9 Capital transfers 95,7 126,5 18,4 93,6 54,3 67,6 Financial account 55,5 56,6 78,4 17,5 74,5 65,0 Direct investment* -6,1-7,2-0,8-3,6-16,1-4,2 Portfolio investment Financial derivatives 46,3 77,0-59,2 79,7-4,0 6,8 Other investment 20,0-28,6-16,2 44,3-9,4-94,0 Assets (- accretion) 27,5 4,7-19,4 24,9 7,1-60,3 Banks -7,5-33,3 3,2 19,4-16,4-33,7 Other assets 26,3 105,6-42,9 35,4 5,3 100,9 Liabilities (+ accretion) 38,9 21,0 16,3-9,6-9,5 7,8 Banks 16,9 13,3 11,0 3,3 14,5 21,7 Loans 3,8 10,2 9,5 4,5 5,8 7,5 General government 6,7 20,0 15,2 13,1 8,3 19,0 Disbursement -2,8-9,8-5,7-8,6-2,5-11,5 Amortization (schedule) 13,1 3,1 1,5-1,2 8,7 14,2 Private sector 16,8 13,0 6,2 4,4 13,0 17,1 Disbursement -3,7-10,0-4,7-5,6-4,4-3,0 Amortization (schedule) -29,5 71,3-70,2 41,8 0,4 71,4 Other liabilities 64,8 56,7 21,3 133,4 126,1 201,9 Net errors and omissions 5,3 100,2 107,7 94,1-84,5 66,8 Overall balance -5,3-100,2-107,7-94,1 84,5-66,8 Financing -1,8-100,2-106,1-98,6 89,8-86,1 NBKR reserves -6,7-4,7-6,9-2,4-9,0 14,6 IMF loans 3,2 4,7 5,3 6,8 3,7 4,8 Exceptional financing Other financing * including estimate of NBKR

14 CURRENT ACCOUNT OF THE BALANCE OF PAYMENTS 14

15 Annex I. Tables and charts 15

16 Table I.1: The Balance of Payments of the Kyrgyz Republic (standard presentation) (in millions of US dollars) h/y 1 h/y Current Account 28,4-38,4-287,2-228,3-187,8-451,7 Goods and services -184,3-450,5-968,5-1196,4-547,7-984,3 Goods* -170,6-418,7-886,5-1298,5-506,2-943,5 Export of goods (f.o.b.) 733,2 686,8 906,0 1337,0 607,2 745,9 exports 445,8 456,1 604,8 927,1 407,5 485,7 goods procured in ports nonmonetary gold 287,4 230,7 206,0 224,8 107,0 167,2 adjustment to coverage 95,2 185,1 92,7 93,0 goods for processing Import of goods (f.o.b.) -903,8-1105,5-1792,4-2635,5-1113,5-1689,4 imports (c.i.f.) -939,0-1099,5-1715,8-2408,6-1042,8-1800,0 valuation adjustment 69,9 86,3 138,7 158,0 67,8 117,6 goods procured in ports -3,4-2,8-2,4-8,4-0,2-7,0 adjustment to coverage -32,7-90,5-212,9-376,5-138,2 goods for processing 1,4 1,0 Services -13,7-31,8-82,0 102,1-41,5-40,8 exports 209,8 259,4 378,7 684,3 242,0 405,5 imports -223,5-291,3-460,8-582,2-283,4-446,3 Transportation services -37,9-64,9-121,4-197,8-93,5-117,4 exports 50,8 60,6 56,6 139,3 58,9 95,7 imports -88,7-125,5-178,0-337,1-152,4-213,1 Railroad transport -37,6-57,0-89,1-177,7-76,3-113,9 exports 11,4 17,2 20,1 34,4 17,7 22,0 imports -49,0-74,2-109,2-212,2-94,0-135,9 Air transport 16,0 8,6-0,9 12,6-1,4 25,2 exports 32,7 36,5 32,2 92,5 35,8 68,9 imports -16,7-27,9-33,0-79,9-37,2-43,7 Road transport -9,1-15,1-26,3-20,5-10,8-14,7 exports 4,6 2,3 1,7 2,9 0,8 0,8 imports -13,6-17,4-28,0-23,5-11,6-15,6 Other types of transport -7,2-1,4-5,2-12,1-5,0-14,0 exports 2,1 4,4 2,6 9,5 4,5 4,0 imports -9,3-5,9-7,8-21,6-9,6-18,0 Travels 25,3 14,6 75,3 255,8 48,1 41,6 exports 75,6 73,0 167,0 345,5 104,7 171,2 imports -50,3-58,4-91,6-89,7-56,6-129,6 Business 5,9 0,5 23,2 101,0 15,0 4,9 exports 32,5 31,4 71,8 148,6 45,0 73,6 imports -26,6-30,9-48,6-47,6-30,0-68,7 Personal 19,5 14,2 52,1 154,8 33,1 36,7 exports 43,1 41,6 95,2 196,9 59,7 97,6 imports -23,6-27,4-43,1-42,2-26,6-60,9 Communication services 1,9 0,4 4,2 4,6 2,7 2,6 exports 8,0 6,4 10,1 12,0 5,7 8,0 imports -6,1-6,0-5,9-7,4-3,0-5,5 Construction services 6,8 16,8 16,4 5,0 3,8-9,6 exports 8,3 19,0 19,7 16,8 7,2 13,0 imports -1,6-2,1-3,3-11,8-3,4-22,6 Insurance services -13,0-14,7-16,9-4,4-3,1 4,2 exports 0,2 0,2 1,4 5,0 1,6 7,5 imports -13,2-14,9-18,3-9,4-4,7-3,3 * Including estimate of NBKR 16

17 I II III IV I II -126,0-61,8 77,1-117,6-255,9-195,8 Current Account -245,2-302,5-242,6-406,1-416,1-568,2 Goods and services -204,0-302,2-324,8-467,5-419,8-523,7 Goods* 299,6 307,6 354,0 375,7 318,3 427,6 Export of goods (f.o.b.) 202,1 205,4 245,4 274,2 197,9 287,9 exports goods procured in ports 51,2 55,9 62,4 55,3 73,9 93,2 nonmonetary gold 46,4 46,4 46,2 46,2 46,5 46,5 adjustment to coverage goods for processing -503,6-609,8-678,8-843,2-738,1-951,3 Import of goods (f.o.b.) -488,3-554,5-627,7-738,0-785,8-1014,2 imports (c.i.f.) 31,2 36,6 41,4 48,8 50,3 67,3 valuation adjustment -0,1-0,1-0,1-8,1-2,6-4,4 goods procured in ports -46,4-91,7-92,3-146,0 adjustment to coverage goods for processing -41,1-0,3 82,1 61,4 3,6-44,4 Services 95,3 146,6 219,7 222,5 180,6 225,0 exports -136,5-147,0-137,6-161,2-176,9-269,4 imports -48,1-45,4-54,5-49,9-43,2-74,3 Transportation services 21,3 37,6 34,8 45,6 47,9 47,8 exports -69,5-82,9-89,3-95,4-91,1-122,0 imports -35,7-40,6-47,5-53,9-45,3-68,5 Railroad transport 9,0 8,7 8,7 8,0 9,5 12,5 exports -44,7-49,3-56,2-61,9-54,9-81,0 imports -4,5 3,2 2,2 11,8 14,4 10,8 Air transport 10,2 25,6 23,3 33,4 35,1 33,8 exports -14,7-22,5-21,1-21,6-20,7-23,0 imports -5,4-5,3-4,9-4,8-6,0-8,7 Road transport 0,5 0,4 0,6 1,5 0,2 0,6 exports -5,9-5,7-5,6-6,3-6,2-9,3 imports -2,5-2,6-4,2-2,9-6,2-7,8 Other types of transport 1,7 2,9 2,2 2,7 3,1 0,9 exports -4,1-5,5-6,4-5,6-9,3-8,7 imports 15,4 32,7 114,7 93,0 12,4 29,2 Travels 40,2 64,5 121,4 119,4 64,9 106,3 exports -24,8-31,8-6,7-26,4-52,5-77,1 imports 4,2 10,9 48,6 37,3 0,1 4,9 Business 17,3 27,7 52,2 51,3 27,9 45,7 exports -13,1-16,9-3,6-14,0-27,8-40,9 imports 11,3 21,8 66,0 55,6 12,3 24,4 Personal 22,9 36,8 69,2 68,1 37,0 60,6 exports -11,6-14,9-3,2-12,4-24,7-36,2 imports 1,4 1,3 1,4 0,4 1,2 1,4 Communication services 2,9 2,9 3,5 2,7 3,7 4,3 exports -1,4-1,6-2,1-2,3-2,5-2,9 imports 0,3 3,5 0,7 0,6-2,7-6,9 Construction services 1,8 5,4 5,8 3,8 4,6 8,4 exports -1,5-1,9-5,1-3,3-7,3-15,3 imports -1,6-1,4-2,2 0,8 2,7 1,5 Insurance services 0,8 0,9 0,2 3,2 3,2 4,3 exports -2,4-2,3-2,3-2,4-0,5-2,9 imports * Including estimate of NBKR 17

18 Table I.1: (continued) h/y 1 h/y Financial services -10,8-0,7-1,6-5,4-0,3 2,0 exports 1,9 3,8 2,0 3,7 1,8 5,1 imports -12,7-4,4-3,6-9,0-2,1-3,0 Computer and information services -2,5-1,0-0,4-3,2-0,8-0,8 exports 0,7 1,2 1,3 1,1 0,4 4,9 imports -3,3-2,2-1,7-4,4-1,3-5,7 Government services 12,5 21,6 22,5 25,5 10,3 7,3 exports 17,3 25,9 27,3 30,7 13,1 10,7 imports -4,8-4,2-4,8-5,2-2,7-3,4 Business services 1,7 10,2-40,5 2,9-7,9-1,4 exports 38,4 62,7 83,1 84,8 35,2 42,7 imports -36,7-52,5-123,7-82,0-43,1-44,1 of which Technical assistance -20,8-21,0-21,1-20,4-10,1-10,1 Other services 2,4-14,3-19,8 19,1-0,8 30,8 exports 8,6 6,7 10,2 45,3 13,3 46,6 imports -6,3-21,0-29,9-26,2-14,1-15,9 Income -102,2-88,2-48,2-52,4-38,4-66,4 Compensation of employees -14,2-20,4-24,2-20,8-10,5-11,1 Investment income -88,0-67,8-24,0-31,6-27,9-55,3 Direct investments -57,6-36,0-39,8-39,5-31,3-51,4 Distributed profit -2,3-14,0-0,2-1,3-3,1 Reinvested incomes -48,0-30,7-21,0-33,6-25,4-45,8 Income from debt (interests) -9,5-3,0-4,8-5,8-4,6-2,5 Portfolio investments 0,1 0,1 0,2 0,1 0,3 Other investments -30,5-31,8 15,8 7,7 3,3-4,2 Interest on loans (schedule) -36,3-36,2-19,9-25,7-11,4-16,5 Monetary authorities -1,0-1,0-0,9-0,8-0,4-0,4 General government -30,2-30,9-16,9-17,7-8,0-11,0 Banks 0,4 0,1-1,6-5,6-2,3-3,9 Other sectors -5,5-4,4-0,5-1,6-0,8-1,2 Other investment income 5,7 4,4 35,6 33,4 14,8 12,3 Current transfers 314,9 500,3 729,5 1020,5 398,3 598,9 General government 23,7 23,0 12,4 30,9 12,4 15,2 Humanitarian assistance 13,6 14,7 10,4 11,5 3,7 2,0 Technical assistance Contribitions to international organizations -1,9-1,6-4,7-3,4-1,3-1,8 Other grants 12,0 10,0 6,7 22,8 10,0 15,0 Other sectors 291,2 477,3 717,1 989,6 385,9 583,8 Workers' remittances 270,0 448,7 686,7 953,4 367,7 560,1 Inflow 285,4 481,5 730,6 1023,2 399,2 590,3 Outflow -15,4-32,8-43,9-69,8-31,5-30,2 Other transfers 21,2 28,6 30,4 36,2 18,3 23,7 Capital and Financial Account -4,2-28,1 100,0-48,0 66,3 123,7 Capital account -19,9-20,5-43,9-74,9-50,4-16,0 Capital transfers -19,9-20,5-43,9-74,9-50,4-16,0 General government 22,7 23,1 29,4 36,3 15,3 17,3 Grant in form of goods 2,7 3,1 9,4 16,3 5,3 7,3 Technical assistance 20,0 20,0 20,0 20,0 10,0 10,0 Other sectors -42,6-43,7-73,3-111,2-65,7-33,3 Transfers related to migration* -43,8-63,5-73,6-119,8-69,1-33,5 Inflow 9,6 8,7 8,1 9,4 4,5 3,9 Outflow -53,4-72,2-81,7-129,1-73,6-37,4 Forgiveness of debt 19,0 Other transfers 1,2 0,8 0,3 8,6 3,4 0,3 * NBKR estimates starting from quarter 3 of

19 I II III IV I II -0,4-4,3-0,8-1,0 3,1 Financial services 0,9 0,9 0,7 1,1 0,3 4,7 exports -1,3-0,8-5,0-1,9-1,3-1,7 imports -0,4-0,4-1,2-1,2-0,8 Computer and information services 0,1 0,3 0,2 0,5 2,8 2,1 exports -0,5-0,7-1,4-1,7-2,9-2,9 imports 4,9 5,5 13,2 2,0 5,6 1,7 Government services 6,1 6,9 14,5 3,2 7,1 3,5 exports -1,2-1,5-1,3-1,2-1,5-1,9 imports -11,4 3,5 4,4 6,4 9,7-11,1 Business services 16,0 19,2 22,4 27,2 23,0 19,7 exports -27,4-15,7-18,0-20,8-13,3-30,9 imports -5,0-5,0-5,1-5,2-5,0-5,1 of which Technical assistance -1,3 0,5 9,9 10,0 18,9 11,9 Other services 5,2 8,1 16,2 15,7 22,9 23,7 exports -6,5-7,6-6,3-5,7-4,0-11,9 imports -30,4-8,0-11,1-2,8-51,4-15,0 Income -5,2-5,3-4,8-5,4-5,3-5,8 Compensation of employees -25,2-2,7-6,3 2,6-46,1-9,2 Investment income -28,8-2,5-11,8 3,5-44,1-7,3 Direct investments -7,2 5,9 1,3-0,1-0,8-2,3 Distributed profit -19,7-5,7-12,6 4,5-43,0-2,9 Reinvested incomes -1,9-2,6-0,5-0,8-0,3-2,1 Income from debt (interests) 0,1 0,2 0,3 Portfolio investments 3,6-0,2 5,5-1,1-2,3-1,9 Other investments -4,1-7,3-4,8-9,5-7,4-9,1 Interest on loans (schedule) -0,4-0,4-0,4 Monetary authorities -2,8-5,2-2,9-6,8-5,0-6,0 General government -1,0-1,3-1,7-1,7-1,9-2,0 Banks -0,3-0,5-0,2-0,6-0,5-0,7 Other sectors 7,7 7,1 10,3 8,3 5,1 7,2 Other investment income 149,6 248,7 330,8 291,3 211,6 387,3 Current transfers 1,8 10,6 10,8 7,8-0,8 15,9 General government 2,3 1,4 6,5 1,3 2,0 Humanitarian assistance Technical assistance -0,5-0,8-1,0-1,1-0,8-1,0 Contribitions to international organizations 10,0 5,2 7,6 15,0 Other grants 147,8 238,1 320,0 283,6 212,4 371,4 Other sectors 145,1 222,6 317,8 267,9 196,9 363,2 Workers' remittances 159,1 240,1 335,1 288,9 211,1 379,2 Inflow -14,0-17,6-17,3-21,0-14,2-16,0 Outflow 2,7 15,6 2,2 15,6 15,5 8,2 Other transfers 61,2 5,1-98,4-15,8 129,8-6,1 Capital and Financial Account -29,3-21,2-9,2-15,3-9,1-6,9 Capital account -29,3-21,2-9,2-15,3-9,1-6,9 Capital transfers 8,5 6,7 15,3 5,7 5,0 12,3 General government 3,5 1,7 10,3 0,7 7,3 Grant in form of goods 5,0 5,0 5,0 5,0 5,0 5,0 Technical assistance -37,8-27,9-24,5-21,0-14,1-19,2 Other sectors -38,1-31,0-28,8-21,9-14,1-19,4 Transfers related to migration* 2,4 2,1 2,3 2,5 2,1 1,8 Inflow -40,4-33,2-31,1-24,4-16,2-21,2 Outflow Forgiveness of debt 0,3 3,1 4,3 0,8 0,1 0,2 Other transfers * NBKR estimates starting from quarter 3 of

20 Table I.1: (continued) h/y 1 h/y Financial account 15,7-7,6 143,9 26,9 116,7 139,7 Direct investment* 131,5 42,6 182,0 208,1 112,2 139,5 Abroad -43,9 0,2 1,0-0,1 In the Kyrgyz Republic 175,5 42,6 182,0 207,9 111,2 139,6 Inflow 306,2 210,3 410,6 436,8 206,6 303,0 Outflow -130,8-167,7-228,6-228,9-95,4-163,4 In the share capital 149,5 16,2 31,5 16,4 4,5 4,7 Inflow 163,9 33,0 73,5 64,5 33,3 18,1 Outflow -14,3-16,8-42,0-48,1-28,8-13,4 Reinvestment income 48,0 30,7 21,0 33,6 25,4 45,8 Other capital -22,1-4,3 129,5 157,9 81,2 89,1 Inflow 94,3 146,6 316,0 338,7 147,8 239,0 Outflow -116,4-150,9-186,5-180,8-66,6-150,0 Portfolio investment -9,5 2,3-3,0-17,7-13,3-20,3 Assets -9,5 2,3-3,0-19,2-13,4-20,3 Debt securities -9,5 2,3-3,0-19,0-13,2-20,3 Liabilities 1,5 0,2 In the share capital 1,5 0,2 Debt securities Financial derivatives -20,5 Assets -20,5 Other sectors -20,5 Other investments 74,7 28,1 134,8 143,3 119,8 16,8 Assets -35,8-47,5-24,0 19,5-8,6-103,4 Currency and deposits -53,7-21,4-11,7 26,8 28,2-56,4 Banks -63,2-15,1-17,0 37,7 32,2-53,3 Other sectors 9,5-6,3 5,2-10,8-4,0-3,1 Trade credits 8,4-45,1-13,5-27,6-37,5-37,4 Other sectors 8,4-45,1-13,5-27,6-37,5-37,4 Long - term 5,6-30,2-9,1-18,5-25,1-25,1 Short - term 2,8-14,9-4,5-9,1-12,4-12,4 Other assets 9,6 19,0 1,3 20,3 0,7-9,6 Monetary authorities 9,3 18,7 1,0 20,0 0,5-9,6 General government 0,3 0,3 0,3 0,3 0,1 Liabilities 110,4 75,6 158,7 123,8 128,4 120,2 Currency and deposits 40,7-18,2-36,3 81,1 74,2-3,3 Banks 40,7-18,2-36,3 81,1 74,2-3,3 Trade credits -21,2 19,8 132,7 13,3 41,7 71,8 Other sectors -21,2 19,8 132,7 13,3 41,7 71,8 Long - term -11,7 10,9 73,0 7,3 23,0 39,5 Short - term -9,5 8,9 59,7 6,0 18,8 32,3 Loans 47,0 12,2 52,6 9,2 4,5 43,3 Disbursement 240,7 183,2 145,7 104,5 61,7 75,6 Monetary authorities 28,4 18,4 3,8 4,0 1,9 16,5 Long - term 28,4 18,4 3,8 4,0 1,9 16,5 General government 99,2 66,9 78,6 55,0 26,7 27,3 Long - term 99,2 66,9 78,6 55,0 26,7 27,3 Short - term * including estimate of NBKR 20

21 I II III IV I II 90,4 26,3-89,3-0,5 138,8 0,8 Financial account 55,5 56,6 78,4 17,5 74,5 65,0 Direct investment* 0,5 0,5-1,0 0,2-0,9 0,8 Abroad 55,0 56,1 79,4 17,3 75,3 64,3 In the Kyrgyz Republic 87,3 119,3 117,9 112,4 117,2 185,8 Inflow -32,3-63,1-38,4-95,1-41,9-121,6 Outflow 19,8-15,2 3,7 8,2 0,5 4,2 In the share capital 20,7 12,6 4,4 26,8 4,4 13,7 Inflow -1,0-27,9-0,7-18,6-3,9-9,5 Outflow 19,7 5,7 12,6-4,5 43,0 2,9 Reinvestment income 15,6 65,6 63,1 13,6 31,9 57,2 Other capital 46,9 100,9 100,9 90,1 69,8 169,2 Inflow -31,3-35,3-37,7-76,5-37,9-112,0 Outflow -6,1-7,2-0,8-3,6-16,1-4,2 Portfolio investment -6,3-7,2-2,0-3,8-16,1-4,2 Assets -6,1-7,2-2,0-3,8-16,1-4,2 Debt securities 0,2 1,1 0,2 Liabilities 0,2 1,1 0,2 In the share capital Debt securities Financial derivatives Assets Liabilities 42,8 77,0-60,7 84,2-9,4 26,2 Other investments 20,0-28,6-16,2 44,3-9,4-94,0 Assets 22,8 5,5-20,0 18,6 26,9-83,3 Currency and deposits 27,5 4,7-19,4 24,9 7,1-60,3 Banks -4,7 0,8-0,5-6,3 19,8-22,9 Other sectors -4,1-33,4-0,3 10,2-28,6-8,8 Trade credits -4,1-33,4-0,3 10,2-28,6-8,8 Other sectors -2,8-22,4-0,2 6,9-19,2-5,9 Long - term -1,4-11,0-0,1 3,4-9,4-2,9 Short - term 1,4-0,7 4,1 15,5-7,6-2,0 Other assets 1,3-0,8 4,0 15,5-7,6-2,0 Monetary authorities 0,1 0,1 0,1 0,1 General government 22,8 105,6-44,5 39,8 120,2 Liabilities 50,2 24,0 15,6-8,7-11,1 7,8 Currency and deposits 50,2 24,0 15,6-8,7-11,1 7,8 Banks -29,5 71,3-70,2 41,8 0,4 71,4 Trade credits -29,5 71,3-70,2 41,8 0,4 71,4 Other sectors -16,2 39,2-38,6 23,0 0,2 39,3 Long - term -13,3 32,1-31,6 18,8 0,2 32,1 Short - term -1,1 5,6 4,8-0,1 7,0 36,2 Loans 24,9 36,8 22,8 20,0 22,9 52,6 Disbursement 1,9 2,0 16,5 Monetary authorities 1,9 2,0 16,5 Long - term 6,7 20,0 15,2 13,1 8,3 19,0 General government 6,7 20,0 15,2 13,1 8,3 19,0 Long - term Short - term * Including estimate of NBKR 21

22 Table I.1: (continued) h/y 1 h/y Banks 97,4 87,9 38,1 12,2 8,3 11,1 Long - term 7,0 5,0 9,5 Short - term 97,4 87,9 38,1 5,2 3,3 1,6 Other sectors 15,8 10,0 25,2 33,4 24,8 20,6 Long - term 15,8 10,0 25,2 33,4 24,8 20,6 Short - term Amortization (schedule) -193,7-171,1-93,1-95,3-57,2-32,3 Monetary authorities -32,2-30,9-27,3-24,6-13,4-10,9 Long - term -32,2-30,9-27,3-24,6-13,4-10,9 General government -42,9-49,7-24,2-26,9-12,7-14,0 Long - term -42,9-49,7-24,2-26,9-12,7-14,0 Short - term Banks -95,8-81,7-28,5-20,1-17,5-2,6 Long - term -0,4-2,6 Short - term -95,8-81,7-28,5-19,8-17,5 Other sectors -22,8-8,8-13,1-23,6-13,7-4,7 Long - term -22,8-8,8-13,1-23,6-13,7-4,7 Short - term Arrears 45,7 63,9 9,7 20,1 8,0 8,5 General government 45,2 63,8 6,6 3,6 1,4 2,1 Other sectors 0,5 0,1 3,1 16,5 6,5 6,3 Other liabilities -1,7-2,1 Monetary authorities Other sectors -1,7-2,1 Reserve assets -160,6-80,5-169,9-306,8-102,1 3,7 Monetary gold -18,7 SDR -3,0 12,9-26,8 20,4 11,2-30,0 Foreign exchange -157,6-74,8-143,1-327,1-113,3 33,7 Net errors and omissions -24,2 66,6 187,2 276,3 121,5 328,0 Overall Balance 0,0 0,0 0,0 0,0 0,0 0,0 Long-term investments are investments in financial assets, whose initial maturity was set up, in compliance with a contract, as more than one year or has never been stipulated Short-term investment are investments in financial assets, with maturity of one year or less than one year, pursuant to contract, or paid as short notice 22

23 I II III IV I II 6,5 1,8 1,5 2,5 5,6 5,5 Banks 5,0 2,0 4,0 5,5 Long - term 1,5 1,8 1,5 0,5 1,6 Short - term 11,8 13,0 6,2 2,4 9,0 11,6 Other sectors 11,8 13,0 6,2 2,4 9,0 11,6 Long - term Short - term -26,0-31,2-18,0-20,1-15,9-16,4 Amortization (schedule) -6,7-6,6-6,9-4,4-9,0-1,9 Monetary authorities -6,7-6,6-6,9-4,4-9,0-1,9 Long - term -2,8-9,8-5,7-8,6-2,5-11,5 General government -2,8-9,8-5,7-8,6-2,5-11,5 Long - term Short - term -12,7-4,8-0,8-1,9-2,1-0,5 Banks -0,4-2,1-0,5 Long - term -12,7-4,8-0,8-1,5 Short - term -3,7-10,0-4,7-5,3-2,3-2,5 Other sectors -3,7-10,0-4,7-5,3-2,3-2,5 Long - term Short - term 3,2 4,7 5,3 6,8 3,7 4,8 Arrears 0,6 0,8 1,0 1,2 2,1 General government 2,6 3,9 4,3 5,6 1,6 4,8 Other sectors Other liabilities Monetary authorities Other sectors -1,8-100,2-106,1-98,6 89,8-86,1 Reserve assets Monetary gold 6,4 4,8 6,6 2,6 8,9-38,9 SDR -8,2-105,0-112,7-101,2 80,9-47,2 Foreign exchange 64,8 56,7 21,3 133,4 126,1 201,9 Net errors and omissions 0,0 0,0 0,0 0,0 0,0 0,0 Overall Balance 23

24 Table I.2: Structure of Export by the HS sections 1 (in millions of US dollars) Group of Products h/y' 07 I h/y' 08 2 Total 718,8 672,0 794,1 1134,2 507,1 644,9 Live animals and animal products 12,0 18,1 23,6 31,0 13,1 19,0 Vegetable products 26,2 19,9 36,6 80,3 29,5 39,6 Fats and animal or vegetable oil 0,1 1,9 8,2 9,2 4,1 5,1 Food prod., strong & soft drinks and vinegar,tobacco 42,9 37,2 28,9 37,3 22,5 19,4 Mineral products 3 94,1 96,8 177,8 330,0 156,5 174,6 Products of chemistry and related industries 21,7 13,5 14,4 24,4 9,6 25,3 Plastics and plastic goods, rubber and rubber goods 12,6 17,1 19,8 18,7 9,5 5,5 Hides, leather, natural fur, harness and saddle products 9,3 12,2 14,3 16,0 7,0 11,3 Timber and timber products, charcoal, cork 0,4 0,4 0,8 0,7 0,3 0,4 Paper stuff from wooden pulp or other materials 2,6 2,4 4,7 4,9 2,4 3,1 Textile and textile products 79,5 77,4 96,7 122,3 49,7 69,7 Foot-wear, headgear, umbrellas, canes and whips 1,2 1,1 1,2 1,9 0,8 1,0 Products of stone, gyps, cement, asbestos, mica 38,0 46,2 43,8 54,8 24,5 23,4 Precious metals, pearls, precious stones 291,2 236,2 212,6 228,5 108,6 174,3 Non-precious metals and products from them 31,7 23,2 27,0 52,9 28,2 25,2 Machines, equipment and mechanisms 35,5 32,1 51,1 69,9 23,9 27,0 Terrestrial, air, marine transport and their parts 14,8 18,5 23,7 42,3 12,3 15,7 Optic devices and appliances, photography & cinematograph 1,5 1,1 0,8 3,7 2,6 0,4 Other special industrial products 1,4 13,7 4,6 0,3 2,6 Various industrial goods 2,3 2,8 3,5 5,0 1,9 2,4 Pieces of art, collection and antique goods 1 source: NSC, in F.O.B. prices, excluding exports by "shuttle-traders" and estimates 2 since 2008 the data on exports by "shuttle traders" have been included 3 including energy products Table I.3: Structure of Export by the ISCC sections 1 (in millions of US dollars) Group of Products h/y' 07 I h/y' 08 2 Total 718,8 672,0 794,1 1134,2 507,1 644,9 Food products and live animals 62,3 56,6 90,5 139,3 56,0 71,3 Drinks and tobacco 16,2 18,6 12,8 16,3 12,3 10,7 Non-food raw products, excluding fuel 77,6 75,8 75,0 80,2 30,7 37,2 Mineral fuel, lubricants, and oils 81,2 78,8 148,9 279,7 134,6 144,9 Animal and vegetable oils, fats and wax 0,1 0,1 0,2 Chemical and similar products, not included in other categories 22,0 14,6 13,1 25,0 9,8 25,6 Industrial goods, classified by types of material 78,1 85,9 96,0 148,3 70,4 74,4 Machines and transportation equipment 51,4 51,2 74,5 112,2 36,3 42,9 Various finished products 42,6 59,7 77,3 108,2 50,0 70,8 Goods and transactions, not included in other ISCC categories 287,4 230,7 206,0 224,8 107,0 167,2 1 source: NSC, in F.O.B. prices, excluding exports by "shuttle-traders" and estimates 2 since 2008 the data on exports by "shuttle traders" have been included 24

25 Table I.4: Structure of Import by the HS sections 1 (in millions of US dollars) Group of Products h/y' 07 I h/y' 08 2 Total 941,0 1101,3 1718,2 2417,0 1043,1 1807,0 Live animals and animal products 7,9 11,9 22,9 40,7 15,0 27,4 Vegetable products 23,0 40,6 62,6 119,1 39,7 72,2 Fats and animal or vegetable oil 13,8 13,3 21,3 30,6 12,6 25,5 Food prod., strong & soft drinks & vinegar and tobacco 83,0 101,3 141,6 185,6 77,5 115,6 Mineral products 3 273,3 334,0 527,4 781,4 343,7 572,0 Products of chemistry and related industries 112,9 130,8 145,5 222,7 90,6 121,5 Plastics and plastic goods, rubber and rubber goods 55,7 60,1 85,2 104,8 51,7 51,2 Hides, leather, natural fur, harness and saddle products 1,9 3,0 2,0 2,8 1,0 2,2 Timber and timber products, charcoal, cork 17,2 21,6 28,6 54,4 21,2 32,5 Paper stuff from wooden pulp or other materials 22,6 24,0 33,0 41,8 19,2 22,9 Textile and textile products 42,6 36,6 51,0 47,9 20,6 98,2 Foot-wear, headgear, umbrellas, canes and whips 5,8 5,2 7,7 8,7 3,4 23,8 Products of stone, gyps, cement, asbestos, mica 10,8 16,4 26,2 35,9 13,0 23,6 Precious metals, pearls, precious stones 0,2 2,0 3,4 1,5 0,2 2,5 Non-precious metals and products from them 65,0 66,5 104,9 177,7 75,0 104,0 Machines, equipment and mechanisms 107,3 156,1 271,9 343,7 155,7 191,2 Terrestrial, air, marine transport and their parts 70,3 41,4 136,6 144,2 68,6 290,4 Optic.devices and appliances, photography&cinematograph 14,9 22,3 25,7 34,0 18,9 11,5 Other special industrial products 2,5 0,8 0,6 1,7 1,1 0,3 Various industrial goods 10,4 13,3 20,1 37,6 14,2 18,5 Pieces of art, collection and antique goods 1 source: NSC, in C.I.F. prices, excluding imports by "shuttle-traders" 2 since 2008 the data on imports by "shuttle traders" have been included 3 including energy products Table I.5:Structure of Import by the ISCC sections 1 (in millions of US dollars) Group of Products h/y' 07 I h/y' 08 2 Total 941,0 1101,3 1718,2 2417,0 1043,1 1807,0 Food products and live animals 81,2 114,9 188,3 279,2 102,8 175,5 Drinks and tobacco 34,4 42,0 46,4 70,9 31,2 43,7 Non-food raw products, excluding fuel 30,5 36,3 46,2 74,9 31,6 41,1 Mineral fuel, lubricants, and oils 256,3 313,7 502,1 740,4 326,3 552,4 Animal and vegetable oils, fats and wax 11,3 9,2 12,6 21,0 8,1 19,3 Chemical and similar products, not inc.in other categories 137,4 157,4 178,0 263,3 112,9 140,5 Industrial goods, classified by types of material 150,7 161,5 236,7 355,9 150,7 225,5 Machines and transportation equipment 180,1 199,5 407,9 490,0 224,5 483,1 Various finished products 59,1 65,5 97,3 120,0 54,9 123,8 Goods and transactions, not included in other ISCC categories 1,3 2,6 1,3 2,1 1 source: NSC, in C.I.F. prices, excluding imports by "shuttle-traders" 2 since 2008 the data on imports by "shuttle traders" have been included 25

26 Table I.6: Functional Structure of Export 1 (in millions of US dollars) h/y' 07 I h/y' 08 2 Total 718,8 672,0 794,1 1134,2 507,1 644,9 Consumption 124,1 121,0 168,1 249,6 111,2 151,2 Raw materials 60,0 52,0 59,3 88,9 37,7 50,9 Interim goods 435,8 400,6 382,0 461,3 210,0 282,8 Investment goods 17,7 19,6 35,8 54,8 13,6 15,1 Energy products 81,2 78,8 148,9 279,7 134,6 144,9 1 in accordance with classification worked out at the NBKR on the basis of NSC export data in F.O.B. prices, excluding exports by "shuttle traders" and estimates 2 since 2008 the data on exports by "shuttle traders" have been included Table I.7: Geographic Structure of Export 1 (in millions of US dollars) h/y' 07 I h/y' 08 2 Total 718,8 672,0 794,1 1134,2 507,1 644,9 CIS countries 275,6 303,3 378,9 567,1 231,2 321,2 Russia 137,7 134,4 153,8 234,6 102,7 142,7 Kazakhstan 87,3 116,1 162,6 204,6 87,4 83,8 Uzbekistan 14,7 17,1 27,9 85,7 23,0 73,8 Tadgikistan 22,1 22,9 23,9 28,1 11,5 11,8 Ukraine 4,2 6,0 4,1 6,1 2,8 2,6 Belarus 2,0 1,4 0,9 1,8 0,7 2,0 Other CIS counries 7,5 5,4 5,7 6,1 3,0 4,5 Non-CIS countries 443,3 368,7 415,1 567,1 275,9 323,7 Europe Switzerland 101,8 65,3 207,7 226,1 107,6 142,3 Asia UAE 189,3 173,1 8,9 14,4 5,1 37,8 China 39,3 26,6 38,1 61,9 20,8 24,4 Afghanistan 8,0 12,4 74,8 118,4 86,7 34,4 Turkey 17,0 18,2 27,2 43,0 13,1 17,7 America Canada 42,7 22,5 0,2 0,8 0,5 Other non-cis countries 45,1 50,7 58,2 102,6 42,7 66,6 1 source: NSC, in F.O.B. prices, excluding exports by "shuttle traders" and estimates 2 since 2008 the data on exports by "shuttle traders" have been included 26

27 Table I.8: Functional Structure of Import 1 (in millions of US dollars) h/y' 07 I h/y' 08 2 Total 941,0 1101,3 1718,2 2417,0 1043,1 1807,0 Consumption 262,1 287,7 408,1 557,5 224,7 610,1 Raw materials 45,0 43,3 58,6 135,2 44,9 80,6 Interim goods 272,3 308,1 406,9 587,2 253,8 338,5 Investment goods 105,3 148,6 342,5 396,7 193,4 225,5 Energy products 256,3 313,7 502,1 740,4 326,3 552,4 1 in accordance with classification worked out at the NBKR on the basis of NSC import data in C.I.F. prices excluding imports by "shuttle traders" 2 since 2008 the data on imports by "shuttle traders" have been included Table I.9: Geographic Structure of Import 1 (in millions of US dollars) h/y' 07 I h/y' 08 2 Total 941,0 1101,3 1718,2 2417,0 1043,1 1807,0 CIS countries 582,1 679,6 991,0 1524,2 667,9 1004,8 Russia 293,7 378,9 652,2 978,8 432,4 674,6 Kazakhstan 202,9 174,4 199,8 312,4 123,7 182,9 Uzbekistan 51,9 60,1 65,0 120,9 59,0 76,9 Ukraine 23,3 40,1 41,9 79,5 36,8 42,7 Belarus 4,2 7,1 18,7 23,8 11,4 21,2 Other CIS countries 6,2 19,0 13,4 8,9 4,5 6,5 Non-CIS countries 358,9 421,7 727,2 892,8 375,1 802,2 Europe Germany 52,6 37,6 39,9 54,2 22,8 138,2 Netherlands 15,7 18,9 27,7 36,4 17,2 15,9 Asia Japan 11,6 11,7 13,3 17,9 4,7 76,9 Republic of Korea 25,1 27,8 29,1 39,1 18,0 35,0 China 80,1 102,9 246,7 355,6 131,9 277,4 Turkey 33,2 33,4 39,5 50,9 20,6 37,5 America USA 44,6 67,2 97,5 95,8 49,4 58,8 Canada 12,6 15,0 32,2 23,1 10,1 14,4 Other non-cis countries 83,4 107,2 201,4 219,9 100,4 148,1 1 source: NSC, in C.I.F. prices; excluding imports by "shuttle traders" 2 since 2008 the data on exports by "shuttle traders" have been included 27